A study of noise benefit, vis-a-vis thrust penalty, and its correlation to turbulence intensities was conducted for free jets issuing from lobed nozzles. Four convergent nozzles with constant exit area were used in the experiments. Three of these were of rectangular lobed configuration having six, ten and fourteen lobes; the fourth was a circular nozzle. Increasing the number of lobes resulted in a progressive reduction in the turbulence intensities as well as in the overall radiated noise. The noise reduction was pronounced at the low frequency end of the spectrum. However, there was an increase in the high frequency noise that rendered the overall benefit less attractive when compared on a scaled-up A-weighted basis. A reduction in noise was accompanied by a commensurate reduction in the turbulent kinetic energy in the flow field. As expected, increasing the number of lobes involved progressive reduction in the thrust coefficient. Among the cases studied, the six-lobed nozzle had the optimum reduction in turbulence and noise with the least thrust penalty.